What is a reorganization sale? Is that just another name for going out of business?

Answer 1

It's a bankruptcy sale, generally. There are two forms of bankruptcy. In one, the company goes belly up and disappears, in another it is financially "reorganized", which generally includes raising money by selling off some assets.

Answer 2

re·or·gan·i·za·tion (r-ôrg-n-zshn) KEY

NOUN:

The act or process of organizing again or differently.
A thorough alteration of the structure of a business corporation.